Ten Largest Investments

JPMORGAN JAPAN SMALLER COMPANIES TRUST PLC (the 'Company')

Legal Entity Identifier: 549300KP3CRHPQ4RF811

THE COMPANY ANNOUNCES THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 31 January 2017

Asahi Intecc

2.3%

Sanwa

1.9%

Chiba Bank

1.9%

Anicom

1.8%

Nohmi Bosai

1.7%

Cosmos Pharmaceutical

1.7%

Aida Engineering

1.7%

Nifco

1.6%

UNIPRES

1.6%

SMS

1.5%

Total

17.7%

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Rhys Williams 0044 207 742 5073 - Company Secretary

Date: 14 February 2017